Share this article
Bitcoin Mining Was Significantly Less Profitable in August, Jefferies Says
September could be another difficult month for the miners as bitcoin remains under $60K and the network hashrate continues to rise, the report said.
Updated Sep 11, 2024, 5:19 p.m. Published Sep 11, 2024, 9:10 a.m.
- Bitcoin mining was notably less profitable in August than July, the report said.
- Jefferies said September could be another difficult month for the miners as bitcoin remains below $60K and the network hashrate continues to advance.
- Mining economics may be moving in the wrong direction but operational efficiency is improving, the bank said.
Bitcoin mining was much less profitable in August than July as the average bitcoin price fell over 4% and the average network hashrate rose about 2.7%, investment bank Jefferies said in a research report on Wednesday.
Miner's average daily revenue per exahash fell by 11.8% from the month previous as a result, the report said.
STORY CONTINUES BELOW
Don't miss another story.Subscribe to the Crypto Daybook Americas Newsletter today. See all newsletters
"September is shaping up to be another difficult month as BTC remains below $60K and the network hashrate continues to climb," analysts Jonathan Petersen and Joe Dickstein wrote. The Bitcoin hashrate is a proxy for competition in the industry and mining difficulty.
Jefferies notes that there were less days of extreme heat this summer, which meant better uptime for the largest miners. The bitcoin mined by Marathon Digital (MARA) last month implies roughly 88% uptime, compared to 75% in August last year.
For the ten largest bitcoin miners that the bank tracks, implied uptime last month was around 83% versus 76% a year ago and 79% in August 2022.
"While mining economics may be moving in the wrong direction, operational efficiency is improving," the authors wrote.
U.S.-listed mining companies mined a lower share of new bitcoin in August than the month prior, the bank said, and were 19.9% of the total network as the "public players brought on new capacity faster than the network hashrate increased."
Marathon mined the most tokens last month, with 673 bitcoin, the report noted. CleanSpark (CLSK) was second with 478 BTC.
Marathon's installed hashrate remains the largest of the group, followed by Riot Platforms (RIOT), the report added.
Wall Street giant JPMorgan said mining profitability fell to all time lows in the first two weeks of August, the bank noted in a report last month.
Read more: Bitcoin Mining Profitability Fell to All Time Lows in August, JPMorgan Analyst Says
More For You
What to know:
- As of October 2025, GoPlus has generated $4.7M in total revenue across its product lines. The GoPlus App is the primary revenue driver, contributing $2.5M (approx. 53%), followed by the SafeToken Protocol at $1.7M.
- GoPlus Intelligence's Token Security API averaged 717 million monthly calls year-to-date in 2025 , with a peak of nearly 1 billion calls in February 2025. Total blockchain-level requests, including transaction simulations, averaged an additional 350 million per month.
- Since its January 2025 launch , the $GPS token has registered over $5B in total spot volume and $10B in derivatives volume in 2025. Monthly spot volume peaked in March 2025 at over $1.1B , while derivatives volume peaked the same month at over $4B.
Higit pang Para sa Iyo
Bitcoin’s Deep Correction Sets Stage for December Rebound, Says K33 Research
K33 Research says market fear is outweighing fundamentals as bitcoin nears key levels. December could offer an entry point for bold investors.
Ano ang dapat malaman:
- K33 Research says bitcoin’s steep correction shows signs of bottoming, with December potentially marking a turning point.
- The firm has argued that the market is overreacting to long-term risks while ignoring near-term signals of strength, like low leverage and solid support levels.
- With likely policy shifts ahead and cautious positioning in futures, K33 sees more upside potential than risk of another major collapse.
Top Stories
